$49B in Stablecoins Sit on Binance: Will It Trigger a Market Shift?

TLDR

• Binance ended 2025 with 71 percent of all stablecoin liquidity across centralized exchanges.
• The exchange held over 49 billion dollars in stablecoins at year-end.
• Binance maintained five times more stablecoin liquidity than OKX.
• USDT and USDC were most active on Binance throughout 2025.
• FDUSD supply on Binance dropped from 2.5 billion to 500 million tokens.

Binance ended 2025 with the highest stablecoin reserves among all centralized exchanges. The exchange holds over $49 billion in stablecoins, or around 71% of all stablecoin liquidity.

This comes as the total exchange reserves neared an all-time high of $69 billion in December. Binance’s stablecoin inflows mostly consisted of Ethereum and TRON-based tokens. By comparison, Binance’s stablecoin liquidity is five times higher than the levels reported by OKX.

USDT and USDC Activity Focuses on Binance

Tether (USDT) and USD Coin (USDC) were most active on Binance throughout the year. Both tokens saw the highest trading activity and exchange movements within the Binance platform.

“Binance remains the primary market for stablecoin deployment,” stated a Cryptoquant report on December 28. USDT and USDC remained the preferred tokens for both spot and derivative market activity. FDUSD supply on Binance dropped from 2.5 billion to 500 million during the same period.

The decrease in FDUSD suggests a shift in Binance’s preferred stablecoin liquidity sources. Despite the changes, Binance kept its reserves near historical peaks into the year-end. USDT continues to dominate daily volume and transfer value on the exchange.

Derivative Market Absorbs Spot Outflows

As of December 29, derivative exchanges held $64 billion in stablecoins. This came after a peak on November 14 when reserves surpassed $68 billion.

Spot markets saw the largest outflows, moving from $5.7 billion to $1.3 billion in total. Traders moved liquidity toward derivatives instead of executing spot trades. Holiday trading volumes remained thin, further reducing spot activity.

Binance experienced $2 billion in stablecoin outflows during late December. Bybit recorded the same amount of outflows during the same period. Still, Binance maintained the largest available stablecoin pool across exchanges.

Stablecoin Supply No Longer Drives BTC Recovery

Stablecoin minting continued, but did not push Bitcoin prices higher in 2025. The market saw stablecoin supply expanding for other use cases, not just BTC buying.

Whales accumulated BTC with targeted spot deposits, but overall sentiment remained weak. The shift in market behavior followed the deleveraging event on October 10. Stablecoins now support derivative trades more than direct BTC spot purchases.

Binance held its stablecoin reserves despite reduced BTC buying activity. This pool may be used for passive income, yield strategies, or leveraged trades. At year-end, stablecoins remained available to reenter the market when momentum returns.

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